Number
09875574
LAKELAND TRAILS LTD
Filleted Accounts
30 November 2023
LAKELAND TRAILS LTD
Registered number: 09875574
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,000 16,000
Tangible assets 4 13,352 17,253
21,352 33,253
Current assets
Stock 12,194 12,160
Debtors 5 3,175 1,417
Cash at bank and in hand 109,793 125,626
125,162 139,203
Creditors: amounts falling due within one year 6 (116,292) (119,249)
Net current assets 8,870 19,954
Total assets less current liabilities 30,222 53,207
Creditors: amounts falling due after more than one year 7 (16,797) (27,092)
Provisions for liabilities (2,663) (3,278)
Net assets 10,762 22,837
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,662 22,737
Shareholder's funds 10,762 22,837
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. Philip John Blaylock
Director
Approved by the board on 19 February 2024
LAKELAND TRAILS LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 40,000
At 30 November 2023 40,000
Amortisation
At 1 December 2022 24,000
Provided during the year 8,000
At 30 November 2023 32,000
Net book value
At 30 November 2023 8,000
At 30 November 2022 16,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures and fittings Total
£ £
Cost
At 1 December 2022 63,148 63,148
Additions 3,404 3,404
Disposals (2,429) (2,429)
At 30 November 2023 64,123 64,123
Depreciation
At 1 December 2022 45,895 45,895
Charge for the year 6,033 6,033
On disposals (1,157) (1,157)
At 30 November 2023 50,771 50,771
Net book value
At 30 November 2023 13,352 13,352
At 30 November 2022 17,253 17,253
5 Debtors 2023 2022
£ £
Trade debtors 360 -
Other debtors 2,815 1,417
3,175 1,417
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,121 12,251
Payments on account 87,874 88,490
Corporation tax 6,029 7,398
PAYE and NI 31 251
Mr. Philip John Blaylock 501 415
VAT 9,722 10,344
Other creditors 14 100
116,292 119,249
7 Creditors: amounts falling due after more than one year 2023 2022
£ £
Bank loans 16,797 27,092
8 Ultimate controlling party and related party transactions
The company was under the control of Mr. Philip John Blaylock throughout the current and previous period.
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 except for those disclosed below.
2023 2022
£ £
Equity dividends paid to Mr. Philip John Blaylock 27,500 45,500
Balance owing (to) / from Mr. Philip John Blaylock (501) (415)
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
9 Other information
LAKELAND TRAILS LTD is a private company limited by shares and incorporated in England. Its registered office is:
27 Oaktree Crescent
Cockermouth
Cumbria CA13 9HR
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